What is an FBAR and who needs to file?

An FBAR (FinCEN Form 114) is required for any US person — citizens, green card holders, and residents — who has foreign financial accounts that together exceeded $10,000 at any point during the calendar year. This includes Americans living abroad, immigrants maintaining accounts in their home country, and dual citizens. If the total across all your foreign accounts hit $10,000 for even one day, you're required to file.

What's the penalty for not filing?

Non-willful failure to file carries a penalty of up to $16,536 per account, per year. Willful failure can result in penalties up to $165,353 or 50% of the account balance, whichever is greater. Criminal penalties can include up to 5 years imprisonment. The good news: the IRS rarely penalizes taxpayers who come forward voluntarily with non-willful violations.

When is the FBAR deadline?

The FBAR is due April 15 each year, with an automatic extension to October 15. No extension request is needed — it applies automatically. For the 2025 tax year, the October 15, 2026 extension deadline is the current active deadline. We recommend filing as early as possible to stay ahead of the deadline.

How does the FinCEN submission work?

We generate your completed FinCEN Form 114 — both a FinCEN-compliant XML for submission and a PDF copy for your records. We walk you through uploading to the BSA E-Filing system, the same portal CPAs and tax professionals use. The upload takes about 2 minutes. Once submitted, you get a BSA tracking ID as proof of filing, saved in your dashboard alongside your PDF receipt.

How is my data protected?

Your SSN and account numbers are encrypted with AES-256-GCM before they're stored. The encryption architecture means we cannot access your sensitive data in plain text. All traffic uses TLS. Bank statement uploads are encrypted at rest and deleted after data extraction is complete.

What if I have accounts in multiple countries?

You can add as many accounts as you need — there's no per-account charge. We handle currency conversion automatically using Treasury Department exchange rates for the reporting year. Five accounts across three countries is the same $29.

Can I file for previous years?

Yes. You can file for any year going back 6 years. Each year is a separate filing. If you have multiple years of unfiled FBARs, we recommend consulting a tax professional about the Streamlined Filing Compliance Procedures before filing — it can protect you from penalties.

How is this different from using a CPA?

A CPA typically charges $200–500 for FBAR preparation. For straightforward filings, the work involved is primarily data entry — your name, bank details, and account balances. We handle that same process for $29 in about 12 minutes, with bank-grade encryption. For complex situations like delinquent filings, FATCA Form 8938, or tax treaty issues, a CPA is the right choice.

Can I file myself for free on the BSA site?

Yes, the BSA E-Filing system at FinCEN is free and open to the public. It's a functional but dated system — no save-and-resume, no currency conversion, and no error checking before submission. Most filers report it takes 45–90 minutes. FBAR File provides a modern interface with automatic currency conversion, error detection, and the ability to save your progress for $29.

Is my data really safe?

We use AES-256-GCM encryption — the same standard used by the US government for classified information. Your SSN and account numbers are encrypted before they're written to our database, using a key derived from your account. We cannot read them in plain text. Bank statement uploads are encrypted at rest and automatically deleted after data extraction.

FBAR for Digital Nomads and Remote Workers Abroad

The Digital Nomad FBAR Problem

You're a US citizen or green card holder. You work remotely from Lisbon, Bali, or Mexico City. You opened a local bank account to receive freelance payments, pay rent, or avoid ATM fees. Congratulations — you likely need to file an FBAR.

Why Remote Workers Get Caught

Digital nomads accumulate foreign accounts fast:

Local bank account for daily expenses
Wise (formerly TransferWise) borderless account — held in foreign jurisdictions
Revolut or N26 accounts — European-licensed, counts as foreign
Freelance platform payouts routed to a foreign account
Crypto exchange accounts on foreign platforms

Add these up and the $10,000 aggregate threshold is easily crossed.

Accounts You Might Not Realize Are "Foreign"

Wise multi-currency account: Wise holds your money in different currencies through partner banks in various countries. These are foreign financial accounts for FBAR purposes.

Revolut: Licensed in Lithuania (EU). Your Revolut account is a foreign account if you're a US person.

N26: German-licensed bank. Foreign account.

Payoneer: Payoneer accounts are generally held at foreign banks. If your receiving currency account is held at a non-US bank, it may be reportable.

Local bank in your country of residence: Whether it's BBVA in Mexico, BPI in Portugal, or BCA in Indonesia — if it's not a US bank, it's foreign.

The Freelancer Trap

Freelancers on Upwork, Fiverr, or Toptal who route payments through foreign accounts face a double issue:

The foreign account triggers FBAR reporting
The income must also be reported on your US tax return (even if earned and spent abroad)

The Foreign Earned Income Exclusion (FEIE) may reduce your tax liability, but it doesn't eliminate the FBAR filing requirement.

Multiple Countries, Multiple Accounts

If you've nomaded through 3 countries in a year, you might have bank accounts in all of them. Every account that was open during any part of the year counts, even if you've since closed it. A bank account in Thailand from January, Vietnam from April, and Portugal from August means three countries on your FBAR.

The $10,000 Calculation

Add up the maximum value of every foreign account, converted to USD at the Treasury's year-end rate. This includes:

The $3,000 in your Portuguese checking account
The $4,500 in your Wise multi-currency account
The $2,000 sitting in a Thai savings account you forgot about
The $1,500 on a foreign crypto exchange

Total: $11,000. You file.

What to Do

List every non-US financial account you held during the year
Get maximum balances from statements or online banking
File your FBAR by October 15 (automatic extension from April 15)

FBAR File handles the form preparation in about 12 minutes. Enter your accounts, we convert currencies at Treasury rates, and you get a FinCEN-ready filing for $29.